2014 Q2 Form 10-Q Financial Statement

#000119312514188026 Filed on May 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q1
Revenue $37.27M $48.28M $85.92M
YoY Change -59.1% -43.8% -14.21%
Cost Of Revenue $33.28M $38.22M $69.07M
YoY Change -53.84% -44.67% -12.79%
Gross Profit $3.987M $10.07M $16.85M
YoY Change -79.04% -40.24% -19.73%
Gross Profit Margin 10.7% 20.85% 19.61%
Selling, General & Admin $7.454M $9.071M $12.08M
YoY Change -45.23% -24.92% -8.47%
% of Gross Profit 186.96% 90.1% 71.71%
Research & Development $8.540M $8.618M $13.81M
YoY Change -34.4% -37.6% -12.59%
% of Gross Profit 214.2% 85.6% 81.97%
Depreciation & Amortization $1.910M $2.130M $2.310M
YoY Change -14.35% -7.79% -42.11%
% of Gross Profit 47.91% 21.16% 13.71%
Operating Expenses $21.39M $19.00M $26.03M
YoY Change -20.11% -27.03% -11.75%
Operating Profit -$17.40M -$8.927M -$9.185M
YoY Change 124.66% -2.81% 7.91%
Interest Expense $20.00K $15.00K $57.00K
YoY Change -4.76% -73.68% -43.0%
% of Operating Profit
Other Income/Expense, Net -$13.00K -$44.00K -$77.00K
YoY Change -80.0% -42.86%
Pretax Income -$17.39M -$8.956M -$9.205M
YoY Change 123.31% -2.71% -75.58%
Income Tax $24.00K $25.00K -$83.00K
% Of Pretax Income
Net Earnings -$17.42M -$8.981M -$9.122M
YoY Change 120.67% -1.55% -75.94%
Net Earnings / Revenue -46.73% -18.6% -10.62%
Basic Earnings Per Share -$0.51 -$0.26
Diluted Earnings Per Share -$0.51 -$0.26 -$270.0K
COMMON SHARES
Basic Shares Outstanding 34.32M shares 34.19M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.40M $26.90M $44.10M
YoY Change -51.41% -39.0% -16.16%
Cash & Equivalents $8.925M $11.83M $18.27M
Short-Term Investments $13.50M $15.00M $25.80M
Other Short-Term Assets $3.200M $3.200M $9.700M
YoY Change -54.93% -67.01% 31.08%
Inventory $26.02M $25.13M $30.20M
Prepaid Expenses
Receivables $25.64M $30.03M $43.50M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $77.28M $85.21M $127.5M
YoY Change -36.5% -33.17% -16.72%
LONG-TERM ASSETS
Property, Plant & Equipment $7.199M $8.246M $14.20M
YoY Change -46.24% -41.93% -17.92%
Goodwill
YoY Change
Intangibles $1.626M $1.879M
YoY Change -38.29%
Long-Term Investments $0.00 $700.0K $9.900M
YoY Change -100.0% -92.93% -40.36%
Other Assets $677.0K $731.0K $1.200M
YoY Change 9.55% -39.08% -29.41%
Total Long-Term Assets $9.583M $11.66M $28.20M
YoY Change -66.61% -58.66% -53.23%
TOTAL ASSETS
Total Short-Term Assets $77.28M $85.21M $127.5M
Total Long-Term Assets $9.583M $11.66M $28.20M
Total Assets $86.86M $96.87M $155.7M
YoY Change -42.24% -37.78% -27.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.89M $23.19M $43.20M
YoY Change -44.71% -46.33% -16.28%
Accrued Expenses $23.09M $21.14M $23.50M
YoY Change -16.33% -10.04% -16.07%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $300.0K $4.800M
YoY Change -100.0% -93.75%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $54.31M $48.95M $76.30M
YoY Change -30.21% -35.84% -4.03%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.784M $1.723M $2.500M
YoY Change -30.23% -31.08% -39.02%
Total Long-Term Liabilities $1.784M $1.723M $2.500M
YoY Change -30.23% -31.08% -39.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $54.31M $48.95M $76.30M
Total Long-Term Liabilities $1.784M $1.723M $2.500M
Total Liabilities $66.09M $60.68M $78.70M
YoY Change -17.77% -22.9% -5.86%
SHAREHOLDERS EQUITY
Retained Earnings -$397.9M -$380.5M
YoY Change 15.3%
Common Stock $34.00K $34.00K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $25.00M $25.00M
YoY Change 0.0%
Treasury Stock Shares 2.436M shares 2.436M shares
Shareholders Equity $20.77M $36.20M $77.00M
YoY Change
Total Liabilities & Shareholders Equity $86.86M $96.87M $155.7M
YoY Change -42.24% -37.78% -27.04%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$17.42M -$8.981M -$9.122M
YoY Change 120.67% -1.55% -75.94%
Depreciation, Depletion And Amortization $1.910M $2.130M $2.310M
YoY Change -14.35% -7.79% -42.11%
Cash From Operating Activities -$4.360M $5.395M $1.883M
YoY Change -194.37% 186.51% -110.33%
INVESTING ACTIVITIES
Capital Expenditures -$730.0K $513.0K $2.852M
YoY Change -17.05% -82.01% -343.76%
Acquisitions $0.00
YoY Change
Other Investing Activities $2.560M $6.560M -$600.0K
YoY Change -53.11% -1193.33% -89.42%
Cash From Investing Activities $1.830M $6.051M -$3.447M
YoY Change -60.04% -275.54% -49.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -360.0K -$2.485M 3.857M
YoY Change -85.94% -164.43% -1707.08%
NET CHANGE
Cash From Operating Activities -4.360M $5.395M 1.883M
Cash From Investing Activities 1.830M $6.051M -3.447M
Cash From Financing Activities -360.0K -$2.485M 3.857M
Net Change In Cash -2.890M $8.961M 2.293M
YoY Change -143.52% 290.8% -109.06%
FREE CASH FLOW
Cash From Operating Activities -$4.360M $5.395M $1.883M
Capital Expenditures -$730.0K $513.0K $2.852M
Free Cash Flow -$3.630M $4.882M -$969.0K
YoY Change -166.0% -603.82% -94.32%

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CY2013Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
13811000
CY2013Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
140000
CY2013Q1 us-gaap Restructuring Charges
RestructuringCharges
0
CY2013Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
949000
CY2013Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
3159000
CY2013Q1 us-gaap Proceeds From Repayments Of Restricted Cash Financing Activities
ProceedsFromRepaymentsOfRestrictedCashFinancingActivities
-661000
CY2013Q1 us-gaap Operating Expenses
OperatingExpenses
26033000
CY2013Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-83000
CY2013Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-65000
CY2013Q1 nvtl Non Cash Income Tax Expense Benefit
NonCashIncomeTaxExpenseBenefit
120000
CY2013Q1 nvtl Proceeds From Stock Option Exercises And Espp Net Of Taxes Paid On Vested Restricted Stock Units
ProceedsFromStockOptionExercisesAndEsppNetOfTaxesPaidOnVestedRestrictedStockUnits
-304000
CY2014Q1 dei Trading Symbol
TradingSymbol
NVTL
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
NOVATEL WIRELESS INC
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001022652
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
62000
CY2014Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
34172000 shares
CY2014Q1 us-gaap Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
0.01 pure
CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
5395000
CY2014Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.26
CY2014Q1 us-gaap Standard Product Warranty Description
StandardProductWarrantyDescription
One to three years of coverage for products following the date of purchase
CY2014Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5120187 shares
CY2014Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:18px;margin-bottom:0px; margin-left:4%"> <font style="font-family:Times New Roman" size="2"><i>Use of Estimates</i></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (&#x201C;GAAP&#x201D;) requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses, and disclosure of contingent liabilities. Actual results could differ materially from these estimates. Significant estimates include allowance for doubtful accounts receivable, provision for excess and obsolete inventory, valuation of intangible and long-lived assets, litigation, provision for warranty costs, income taxes, share-based compensation expense and best estimate of selling price in a multiple element arrangement.</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">Difficult global economic conditions, tight credit markets, volatile equity, foreign currency and energy markets and declines in consumer spending have combined to increase the uncertainty inherent in these estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates, particularly those related to the condition of the economy.</font></p> </div>
CY2014Q1 us-gaap Interest Paid Net
InterestPaidNet
6000
CY2014Q1 us-gaap Revenues
Revenues
48284000
CY2014Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-2418000
CY2014Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-8980000
CY2014Q1 us-gaap Gross Profit
GrossProfit
10068000
CY2014Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
0
CY2014Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
64000
CY2014Q1 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
2268000
CY2014Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-44000
CY2014Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
405000
CY2014Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
15000
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-8927000
CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-8956000
CY2014Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-9928000
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
-8981000
CY2014Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-2484000
CY2014Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
1006000
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
513000
CY2014Q1 us-gaap Available For Sale Securities Gross Unrealized Gains
AvailableForSaleSecuritiesGrossUnrealizedGains
6000
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
1000
CY2014Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-2085000
CY2014Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5076000
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2485000
CY2014Q1 us-gaap Inventory Write Down
InventoryWriteDown
180000
CY2014Q1 us-gaap Deferred Other Tax Expense Benefit
DeferredOtherTaxExpenseBenefit
3600000
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
477000
CY2014Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
30000
CY2014Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
2125000
CY2014Q1 us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
0
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
8916000
CY2014Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
3995000
CY2014Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1175000
CY2014Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1282000
CY2014Q1 us-gaap Cost Of Revenue
CostOfRevenue
38216000
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
6051000
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8618000
CY2014Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
140000
CY2014Q1 us-gaap Restructuring Charges
RestructuringCharges
1166000
CY2014Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
477000
CY2014Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
6564000
CY2014Q1 us-gaap Proceeds From Repayments Of Restricted Cash Financing Activities
ProceedsFromRepaymentsOfRestrictedCashFinancingActivities
0
CY2014Q1 us-gaap Available For Sale Securities Gross Unrealized Loss
AvailableForSaleSecuritiesGrossUnrealizedLoss
0
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
18995000
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
25000
CY2014Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-45000
CY2014Q1 nvtl Non Cash Income Tax Expense Benefit
NonCashIncomeTaxExpenseBenefit
6000
CY2014Q1 nvtl Income Tax Interest Benefit On Uncertain Tax Positions
IncomeTaxInterestBenefitOnUncertainTaxPositions
0
CY2014Q1 nvtl Internal Revenue Code Ownership Percentage Change
InternalRevenueCodeOwnershipPercentageChange
0.50 pure
CY2014Q1 nvtl Uncertain Income Tax Position Unrecognized
UncertainIncomeTaxPositionUnrecognized
Less than a 50% likelihood
CY2014Q1 nvtl Proceeds From Stock Option Exercises And Espp Net Of Taxes Paid On Vested Restricted Stock Units
ProceedsFromStockOptionExercisesAndEsppNetOfTaxesPaidOnVestedRestrictedStockUnits
-217000
CY2014Q1 nvtl Additions To Restructuring Reserve
AdditionsToRestructuringReserve
1166000
CY2014Q1 nvtl Internal Revenue Code Ownership Percentage Change Description
InternalRevenueCodeOwnershipPercentageChangeDescription
Annual use of the Company's net operating loss and research and development credit carryforwards may be limited in the event a cumulative change in ownership of more than 50% occurs within a three-year period.

Files In Submission

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0001193125-14-188026-index-headers.html Edgar Link pending
0001193125-14-188026-index.html Edgar Link pending
0001193125-14-188026.txt Edgar Link pending
0001193125-14-188026-xbrl.zip Edgar Link pending
d704047d10q.htm Edgar Link pending
d704047dex311.htm Edgar Link pending
d704047dex312.htm Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
nvtl-20140331.xml Edgar Link completed
nvtl-20140331.xsd Edgar Link pending
nvtl-20140331_cal.xml Edgar Link unprocessable
nvtl-20140331_def.xml Edgar Link unprocessable
nvtl-20140331_lab.xml Edgar Link unprocessable
nvtl-20140331_pre.xml Edgar Link unprocessable
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